Well, since none of the alternatives above prove correct I've taken the liberty to post an interpretation of my own.
Mar-zip-an
The first piece "Mar" clearly stands for the roman word Mare that means sea.
The second piece "zip" is not that hard to figure out, it's a zip-drive.
and the last piece "an" is definite article. Attached as a suffix.
So freely interpreted it would mean "the zip-drive sea" which we all know is located somewhere between the Isle of whight and the mainland.
So now you all know...